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US crude inventories rise, but stockpiles remain below the five-year average
Commercial crude stockpiles totaled 407 million barrels, 6% under the five-year average for this time of year, according to the EIA data for the week ended July 31.
US crude oil inventories in the United States rose by 2.5 million barrels in the week ending July 31, according to U.S. Energy Information Administration data released Wednesday, taking commercial stockpiles to 407 million barrels.
Even with the weekly increase, the EIA said total commercial stockpiles are 6% below the five-year average for this time of year.
The same EIA release showed total motor gasoline inventories fell 1.6 million barrels, and average daily gasoline production declined to 9.6 million barrels.
For middle distillates, inventories decreased by 3.5 million barrels, while production fell to an average of 5.2 million barrels per day, with crude futures trading slightly higher for Brent and slightly lower for WTI in early New York trading.
Latest closeWTI crude $75.32 ▼6.2%|Brent $78.86 ▼5.9%|Gasoline (RBOB) $2.843 ▼4.2%